As of Q4'25, NBIS reported Cash & Short-term Investments of USD 3.68B and Debt of USD 4.89B. This marks a significant increase in both cash and debt compared to the previous quarter, with debt now exceeding cash holdings by over USD 1.2B. From Q1'23 to Q4'25, the chart shows considerable volatility in both cash and debt levels. Cash & Short-term Investments experienced sharp fluctuations, notably surging in Q2'24 and Q3'25, while debt remained relatively stable until Q1'25 before rapidly increasing in the last two quarters. The most recent quarters highlight a shift from a net cash position to a net debt position, indicating a substantial change in the company's capital structure over the observed period.